Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | GRANITE CONSTRUCTION INC | |
Entity Central Index Key | 0000861459 | |
Trading Symbol | GVA | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 46,840,209 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-12911 | |
Entity Tax Identification Number | 770239383 | |
Entity Address, Address Line One | 585 W. Beach Street | |
Entity Address, City or Town | Watsonville | |
Entity Address, State or Province | California | |
Entity Address, Postal Zip Code | 95076 | |
City Area Code | 831 | |
Local Phone Number | 724-1011 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Current assets | |||
Cash and cash equivalents ($115,933, $131,965 and $82,047 related to consolidated construction joint ventures (“CCJVs”)) | $ 144,958 | $ 272,804 | $ 195,515 |
Short-term marketable securities | 41,037 | 30,002 | 20,014 |
Receivables, net ($31,656, $21,237 and $38,828 related to CCJVs) | 551,958 | 473,246 | 492,718 |
Contract assets ($23,500, $19,699 and $24,479 related to CCJVs) | 257,650 | 219,754 | 265,190 |
Inventories | 102,163 | 88,623 | 96,024 |
Equity in construction joint ventures | 241,786 | 282,229 | 252,467 |
Other current assets ($11,440, $11,744 and $12,421 related to CCJVs) | 63,056 | 48,731 | 49,100 |
Total current assets | 1,402,608 | 1,415,389 | 1,371,028 |
Property and equipment, net ($31,560, $34,761 and $38,854 related to CCJVs) | 557,118 | 549,688 | 595,787 |
Long-term marketable securities | 20,000 | 36,098 | 61,191 |
Investments in affiliates | 82,109 | 84,354 | 99,495 |
Goodwill | 264,107 | 259,471 | 246,881 |
Right of use assets | 73,439 | 0 | 0 |
Deferred income taxes, net | 36,055 | 2,918 | 25,135 |
Other noncurrent assets | 122,705 | 128,683 | 156,808 |
Total assets | 2,558,141 | 2,476,601 | 2,556,325 |
Current liabilities | |||
Current maturities of long-term debt | 48,397 | 47,286 | 207,982 |
Accounts payable ($50,338, $37,086 and $35,375 related to CCJVs) | 303,128 | 251,481 | 303,885 |
Contract liabilities ($29,055, $60,288 and $40,678 related to CCJVs) | 119,289 | 105,449 | 91,864 |
Accrued expenses and other current liabilities ($4,017, $2,046 and $2,147 related to CCJVs) | 339,047 | 273,626 | 293,959 |
Total current liabilities | 809,861 | 677,842 | 897,690 |
Long-term debt | 366,896 | 335,119 | 280,710 |
Lease liabilities | 60,868 | 0 | 0 |
Deferred income taxes, net | 4,680 | 4,317 | 5,759 |
Other long-term liabilities | 58,268 | 61,689 | 71,180 |
Commitments and contingencies | 0 | 0 | 0 |
Equity | |||
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding | 0 | 0 | 0 |
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 46,838,199 shares as of June 30, 2019, 46,665,889 shares as of December 31, 2018 and 45,688,582 shares as of June 30, 2018 | 468 | 467 | 457 |
Additional paid-in capital | 568,264 | 564,559 | 516,680 |
Accumulated other comprehensive (loss) income | (3,448) | (749) | 1,022 |
Retained earnings | 642,124 | 787,356 | 737,417 |
Total Granite Construction Incorporated shareholders’ equity | 1,207,408 | 1,351,633 | 1,255,576 |
Non-controlling interests | 50,160 | 46,001 | 45,410 |
Total equity | 1,257,568 | 1,397,634 | 1,300,986 |
Total liabilities and equity | $ 2,558,141 | $ 2,476,601 | $ 2,556,325 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Cash and cash equivalents | $ 144,958 | $ 272,804 | $ 195,515 |
Receivables, Net | 551,958 | 473,246 | 492,718 |
Contract assets | 257,650 | 219,754 | 265,190 |
Other current assets | 63,056 | 48,731 | 49,100 |
Property and equipment, net | 557,118 | 549,688 | 595,787 |
Accounts payable | 303,128 | 251,481 | 303,885 |
Contract liabilities | 119,289 | 105,449 | 91,864 |
Accrued expenses and other current liabilities | $ 339,047 | $ 273,626 | $ 293,959 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 46,838,199 | 46,665,889 | 45,688,582 |
Common Stock, Shares, Outstanding | 46,838,199 | 46,665,889 | 45,688,582 |
Equity Method Investee [Member] | Construction [Member] | |||
Cash and cash equivalents | $ 115,933 | $ 131,965 | $ 82,047 |
Receivables, Net | 31,656 | 21,237 | 38,828 |
Contract assets | 23,500 | 19,699 | 24,479 |
Other current assets | 11,440 | 11,744 | 12,421 |
Property and equipment, net | 31,560 | 34,761 | 38,854 |
Accounts payable | 50,338 | 37,086 | 35,375 |
Contract liabilities | 29,055 | 60,288 | 40,678 |
Accrued expenses and other current liabilities | $ 4,017 | $ 2,046 | $ 2,147 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | ||||
Total revenue | $ 789,540 | $ 807,119 | $ 1,409,341 | $ 1,370,498 |
Cost of revenue | ||||
Total cost of revenue | 841,944 | 726,750 | 1,421,267 | 1,233,846 |
Gross (loss) profit | (52,404) | 80,369 | (11,926) | 136,652 |
Selling, general and administrative expenses | 69,998 | 61,316 | 151,153 | 122,568 |
Acquisition and integration expenses | 9,177 | 26,287 | 12,500 | 34,696 |
Gain on sales of property and equipment | (4,935) | (1,505) | (6,835) | (2,048) |
Operating loss | (126,644) | (5,729) | (168,744) | (18,564) |
Other (income) expense | ||||
Interest income | (1,728) | (1,173) | (4,544) | (2,694) |
Interest expense | 4,158 | 3,203 | 8,172 | 5,638 |
Equity in income of affiliates | (2,594) | (3,534) | (3,884) | (3,758) |
Other income, net | (759) | (940) | (2,521) | (672) |
Total other income | (923) | (2,444) | (2,777) | (1,486) |
Loss before (benefit from) provision for income taxes | (125,721) | (3,285) | (165,967) | (17,078) |
(Benefit from) provision for income taxes | (31,760) | 2,796 | (40,925) | (1,335) |
Net loss | (93,961) | (6,081) | (125,042) | (15,743) |
Amount attributable to non-controlling interests | (3,875) | (2,304) | (7,368) | (4,065) |
Net loss attributable to Granite Construction Incorporated | $ (97,836) | $ (8,385) | $ (132,410) | $ (19,808) |
Net loss per share attributable to common shareholders (see Note 16) | ||||
Basic | $ (2.09) | $ (0.20) | $ (2.83) | $ (0.49) |
Diluted | $ (2.09) | $ (0.20) | $ (2.83) | $ (0.49) |
Weighted average shares of common stock | ||||
Basic | 46,824 | 41,044 | 46,762 | 40,074 |
Diluted | 46,824 | 41,044 | 46,762 | 40,074 |
Transportation [Member] | ||||
Revenue | ||||
Total revenue | $ 403,978 | $ 502,711 | $ 742,188 | $ 861,856 |
Cost of revenue | ||||
Total cost of revenue | 503,857 | 466,748 | 820,817 | 794,431 |
Water [Member] | ||||
Revenue | ||||
Total revenue | 112,831 | 51,618 | 212,086 | 91,659 |
Cost of revenue | ||||
Total cost of revenue | 101,568 | 46,168 | 192,704 | 74,645 |
Specialty [Member] | ||||
Revenue | ||||
Total revenue | 175,084 | 151,842 | 315,777 | 270,313 |
Cost of revenue | ||||
Total cost of revenue | 152,874 | 130,366 | 278,700 | 233,101 |
Materials [Member] | ||||
Revenue | ||||
Total revenue | 97,647 | 100,948 | 139,290 | 146,670 |
Cost of revenue | ||||
Total cost of revenue | $ 83,645 | $ 83,468 | $ 129,046 | $ 131,669 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (93,961) | $ (6,081) | $ (125,042) | $ (15,743) |
Other comprehensive loss, net of tax: | ||||
Net unrealized loss on derivatives | (2,178) | (1,354) | (2,776) | (734) |
Less: reclassification for net (gains) loss included in interest expense | (117) | 1,602 | (290) | 1,562 |
Net change | (2,295) | 248 | (3,066) | 828 |
Foreign currency translation adjustments, net | (527) | (421) | 367 | (438) |
Other comprehensive (loss) income | (2,822) | (173) | (2,699) | 390 |
Comprehensive loss | (96,783) | (6,254) | (127,741) | (15,353) |
Non-controlling interests in comprehensive loss | (3,875) | (2,304) | (7,368) | (4,065) |
Comprehensive loss attributable to Granite Construction Incorporated | $ (100,658) | $ (8,558) | $ (135,109) | $ (19,418) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] | Total Granite Shareholders' Equity [Member] | Non-controlling Interests [Member] | |
Beginning Balance at Dec. 31, 2017 | $ 992,805 | $ 399 | $ 160,376 | $ 634 | $ 783,699 | $ 945,108 | $ 47,697 | |
Beginning Balance (in shares) at Dec. 31, 2017 | 39,871,314 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | (15,743) | $ 0 | 0 | 0 | (19,808) | (19,808) | 4,065 | |
Other comprehensive income (loss) | 390 | 0 | 0 | 390 | 0 | 390 | 0 | |
Purchases of common stock | [1] | (6,165) | $ (1) | (6,164) | 0 | 0 | (6,165) | 0 |
Purchases of common stock (in shares) | [1] | (104,432) | ||||||
Restricted stock units (“RSUs”) vested | 3 | $ 3 | 0 | 0 | 0 | 3 | 0 | |
Restricted stock units (“RSUs”) vested (in shares) | 290,321 | |||||||
Dividends on common stock | (11,146) | $ 0 | 0 | 0 | (11,146) | (11,146) | 0 | |
Effect of adopting Accounting Standards Update | ASU 2014-09 [Member] | (15,201) | 0 | 0 | 0 | (15,201) | (15,201) | 0 | |
Issuance of common stock for Layne acquisition | 321,123 | $ 56 | 321,019 | 0 | 0 | 321,075 | 48 | |
Issuance of common stock for Layne acquisition (in shares) | 5,624,021 | |||||||
Premium on 8.0% Convertible Notes | 30,702 | $ 0 | 30,702 | 0 | 0 | 30,702 | 0 | |
Transactions with non-controlling interests | (6,400) | 0 | 0 | 0 | 0 | 0 | (6,400) | |
Employee Stock Purchase Plan ("ESPP"), amortized RSUs and other | 10,618 | $ 0 | 10,747 | (2) | (127) | 10,618 | 0 | |
Employee Stock Purchase Plan (ESPP"), amortized RSUs and other (in shares) | 7,358 | |||||||
Ending Balance at Jun. 30, 2018 | $ 1,300,986 | $ 457 | 516,680 | 1,022 | 737,417 | 1,255,576 | 45,410 | |
Ending Balance (in shares) at Jun. 30, 2018 | 45,688,582 | 45,688,582 | ||||||
Beginning Balance at Mar. 31, 2018 | $ 964,894 | $ 400 | 162,038 | 1,197 | 751,801 | 915,436 | 49,458 | |
Beginning Balance (in shares) at Mar. 31, 2018 | 40,047,187 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | (6,081) | $ 0 | 0 | 0 | (8,385) | (8,385) | 2,304 | |
Other comprehensive income (loss) | (173) | 0 | 0 | (173) | 0 | (173) | 0 | |
Purchases of common stock | [1] | (46) | $ 0 | (46) | 0 | 0 | (46) | 0 |
Purchases of common stock (in shares) | [1] | (834) | ||||||
Restricted stock units (“RSUs”) vested | 1 | $ 1 | 0 | 0 | 0 | 1 | 0 | |
Restricted stock units (“RSUs”) vested (in shares) | 9,712 | |||||||
Dividends on common stock | (5,940) | $ 0 | 0 | 0 | (5,940) | (5,940) | 0 | |
Issuance of common stock for Layne acquisition | 321,123 | $ 56 | 321,019 | 0 | 0 | 321,075 | 48 | |
Issuance of common stock for Layne acquisition (in shares) | 5,624,021 | |||||||
Premium on 8.0% Convertible Notes | 30,702 | $ 0 | 30,702 | 0 | 0 | 30,702 | 0 | |
Transactions with non-controlling interests | (6,400) | 0 | 0 | 0 | 0 | 0 | (6,400) | |
Employee Stock Purchase Plan ("ESPP"), amortized RSUs and other | 2,906 | $ 0 | 2,967 | (2) | (59) | 2,906 | 0 | |
Employee Stock Purchase Plan (ESPP"), amortized RSUs and other (in shares) | 8,496 | |||||||
Ending Balance at Jun. 30, 2018 | $ 1,300,986 | $ 457 | 516,680 | 1,022 | 737,417 | 1,255,576 | 45,410 | |
Ending Balance (in shares) at Jun. 30, 2018 | 45,688,582 | 45,688,582 | ||||||
Beginning Balance at Dec. 31, 2018 | $ 1,397,634 | $ 467 | 564,559 | (749) | 787,356 | 1,351,633 | 46,001 | |
Beginning Balance (in shares) at Dec. 31, 2018 | 46,665,889 | 46,665,889 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | $ (125,042) | $ 0 | 0 | 0 | (132,410) | (132,410) | 7,368 | |
Other comprehensive income (loss) | (2,699) | 0 | 0 | (2,699) | 0 | (2,699) | 0 | |
Purchases of common stock | [1] | (3,948) | $ (1) | (3,947) | 0 | 0 | (3,948) | 0 |
Purchases of common stock (in shares) | [1] | (88,091) | ||||||
Restricted stock units (“RSUs”) vested | 2 | $ 2 | 0 | 0 | 0 | 2 | 0 | |
Restricted stock units (“RSUs”) vested (in shares) | 251,393 | |||||||
Dividends on common stock | (12,175) | $ 0 | 0 | 0 | (12,175) | (12,175) | 0 | |
Effect of adopting Accounting Standards Update | ASU 2016-02 [Member] | (539) | 0 | 0 | 0 | (539) | (539) | 0 | |
Transactions with non-controlling interests | (3,209) | 0 | 0 | 0 | 0 | 0 | (3,209) | |
Employee Stock Purchase Plan ("ESPP"), amortized RSUs and other | 7,544 | $ 0 | 7,652 | 0 | (108) | 7,544 | 0 | |
Employee Stock Purchase Plan (ESPP"), amortized RSUs and other (in shares) | 9,008 | |||||||
Ending Balance at Jun. 30, 2019 | $ 1,257,568 | $ 468 | 568,264 | (3,448) | 642,124 | 1,207,408 | 50,160 | |
Ending Balance (in shares) at Jun. 30, 2019 | 46,838,199 | 46,838,199 | ||||||
Beginning Balance at Mar. 31, 2019 | $ 1,361,933 | $ 468 | 566,497 | (626) | 746,100 | 1,312,439 | 49,494 | |
Beginning Balance (in shares) at Mar. 31, 2019 | 46,812,366 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | (93,961) | $ 0 | 0 | 0 | (97,836) | (97,836) | 3,875 | |
Other comprehensive income (loss) | (2,822) | 0 | 0 | (2,822) | 0 | (2,822) | 0 | |
Purchases of common stock | [1] | (81) | $ 0 | (81) | 0 | 0 | (81) | 0 |
Purchases of common stock (in shares) | [1] | (1,987) | ||||||
Restricted stock units (“RSUs”) vested | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |
Restricted stock units (“RSUs”) vested (in shares) | 17,443 | |||||||
Dividends on common stock | (6,089) | $ 0 | 0 | 0 | (6,089) | (6,089) | 0 | |
Transactions with non-controlling interests | (3,209) | 0 | 0 | 0 | 0 | 0 | (3,209) | |
Employee Stock Purchase Plan ("ESPP"), amortized RSUs and other | 1,797 | $ 0 | 1,848 | 0 | (51) | 1,797 | 0 | |
Employee Stock Purchase Plan (ESPP"), amortized RSUs and other (in shares) | 10,377 | |||||||
Ending Balance at Jun. 30, 2019 | $ 1,257,568 | $ 468 | $ 568,264 | $ (3,448) | $ 642,124 | $ 1,207,408 | $ 50,160 | |
Ending Balance (in shares) at Jun. 30, 2019 | 46,838,199 | 46,838,199 | ||||||
[1] | Represents shares purchased in connection with employee tax withholding for RSUs vested under our 2012 Equity Incentive Plan. |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||
Dividend per share on common stock | $ 0.13 | $ 0.13 | $ 0.26 | $ 0.26 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities | ||
Net loss | $ (125,042) | $ (15,743) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, depletion and amortization | 61,747 | 43,547 |
Gain on sales of property and equipment, net | (6,835) | (2,048) |
Change in deferred income taxes | (35,192) | 0 |
Stock-based compensation | 7,221 | 10,193 |
Equity in net loss from unconsolidated joint ventures | 105,834 | 13,418 |
Net income from affiliates | (3,884) | (3,758) |
Other non-cash adjustments | 4,630 | 0 |
Changes in assets and liabilities, net of the effects of acquisitions: | ||
Receivables | (78,081) | (24,821) |
Contract assets, net | (23,775) | (76,166) |
Inventories | (12,905) | (9,526) |
Contributions to unconsolidated construction joint ventures | (45,500) | (55,733) |
Distributions from unconsolidated construction joint ventures | 830 | 11,201 |
Other assets, net | (15,361) | 4,192 |
Accounts payable | 48,230 | 24,559 |
Accrued expenses and other current liabilities, net | 24,568 | 5,240 |
Net cash used in operating activities | (93,515) | (75,445) |
Investing activities | ||
Purchases of marketable securities | 0 | (9,952) |
Maturities of marketable securities | 5,000 | 60,000 |
Purchases of property and equipment ($3,914 and $11,369 related to CCJVs) | (54,354) | (36,471) |
Proceeds from sales of property and equipment | 7,870 | 2,704 |
Cash paid to purchase businesses, net of cash and restricted cash acquired | (6,227) | (55,030) |
Other investing activities, net | (215) | 269 |
Net cash used in investing activities | (47,926) | (38,480) |
Financing activities | ||
Proceeds from debt | 75,499 | 105,250 |
Debt principal repayments | (43,842) | (1,250) |
Cash dividends paid | (12,152) | (10,389) |
Repurchases of common stock | (3,948) | (6,165) |
Distributions to non-controlling partners | (3,200) | (6,400) |
Other financing activities, net | 1,238 | 429 |
Net cash provided by financing activities | 13,595 | 81,475 |
Net decrease in cash, cash equivalents and restricted cash | (127,846) | (32,450) |
Cash and cash equivalents and restricted cash of $5,825 and $0 at beginning of each period | 278,629 | 233,711 |
Cash, cash equivalents and restricted cash of $5,825 and $5,746 at end of each period | 150,783 | 201,261 |
Supplementary Information | ||
Right of use assets obtained in exchange for lease obligations | 7,096 | 0 |
Cash paid for operating lease liabilities | 4,582 | 0 |
Cash paid during the period for: | ||
Interest | 8,381 | 6,134 |
Income taxes | 11,463 | 7,246 |
Non-cash investing and financing activities: | ||
Common stock issued in acquisition | 0 | 321,075 |
Premium on 8.0% Convertible Notes | 0 | 30,702 |
RSUs issued, net of forfeitures | 8,541 | 13,022 |
Accrued cash dividends | $ 6,089 | $ 5,940 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Restricted cash and cash equivalents | $ 5,825 | $ 5,746 |
Purchases of property and equipment | 54,354 | $ 36,471 |
8.0 % Convertible Notes [Member] | ||
Debt Instrument Interest Rate Stated Percentage | 8.00% | |
Equity Method Investee [Member] | Construction [Member] | ||
Purchases of property and equipment | $ 3,914 | $ 11,369 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The condensed consolidated financial statements included herein have been prepared by Granite Construction Incorporated (“we,” “us,” “our,” “the Company” or “Granite”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), are unaudited and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. Further, the condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary to state fairly our financial position at June 30, 2019 Our operations are typically affected more by weather conditions during the first and fourth quarters of our fiscal year which may alter our construction schedules and can create variability in our revenues and profitability. Therefore, the results of operations for the three and six months ended June 30, 2019 We prepared the accompanying condensed consolidated financial statements on the same basis as our annual consolidated financial statements, except for the adoption during the three months ended March 31, 2019 of Accounting Standards Update (“ASU”) No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Leases . On May 22, 2019, we acquired certain assets and equipment of Lametti & Sons, Inc. a Minnesota-based company with expertise in cured-in-place pipe rehabilitation and trenchless renewal for $6.2 million cash. Cash, Cash Equivalents and Restricted Cash: The table below presents changes in cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands). Six Months Ended June 30, 2019 2018 Cash and cash equivalents and restricted cash, beginning of period $ 278,629 $ 233,711 End of the period Cash and cash equivalents 144,958 195,515 Restricted cash 5,825 5,746 Total cash, cash equivalents and restricted cash, end of period 150,783 201,261 Net decrease in cash, cash equivalents and restricted cash $ (127,846 ) $ (32,450 ) |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Recently Issued and Adopted Accounting Pronouncements | 2 . Recently Issued and Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“ Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Effect of adopting Topic 842 The core principle of Topic 842 requires lessees to recognize operating leases as right of use (“ROU”) assets and lease liabilities on the balance sheet as described below. Prior to adoption of Topic 842, we recognized operating lease payments as an expense on a straight-line basis over the lease term on our consolidated statements of operations and did not recognize ROU assets or lease liabilities on our consolidated balance sheets. We adopted Topic 842 using a modified retrospective transition approach with no prior-period retrospective adjustments, recognizing a net cumulative decrease to retained earnings and added ROU assets, short and long term lease liabilities of approximately $0.5 million, $72.2 million, $14.9 million and $60.4 million, respectively, as of January 1, 2019. We applied Topic 842 to all noncancelable operating leases outstanding as of January 1, 2019 except those related to quarry properties and those that at lease commencement have an actual and intended lease term shorter than twelve months. We elected to apply optional practical expedients which allowed us to forego reassessments of 1) whether any expired or existing contracts are or contain leases; 2) the lease classification for any expired or existing leases; and 3) the initial direct costs for any existing leases. In connection with the adoption of Topic 842, we implemented the following accounting policy: ROU Assets and Liabilities : A lease contract conveys the right to use an underlying asset for a period of time in exchange for consideration. At inception, we determine whether a contract contains a lease by determining if there is an identified asset and if the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. At lease commencement, we measure and record a lease liability equal to the present value of the remaining lease payments, generally discounted using the borrowing rate on our secured debt as the implicit rate is not readily determinable on many of our leases. We use a single maturity discount rate if it is not materially different than the discount rates applied to each of the leases in the portfolio. On the lease commencement date, the amount of the ROU assets consist of the following: • the amount of the initial measurement of the lease liability; • any lease payments made at or before the commencement date, minus any lease incentives received; and • any initial direct costs incurred. Most of our lease contracts do not have the option to extend or renew. We assess the option for individual leases, and we generally consider the base term to be the term of lease contracts. On a quarterly basis, we determine if subcontractor, vendor or service provider agreements contain by assessing if an asset is explicitly or implicitly specified in the agreement and the counterparty has the right to substitute the asset. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions On June 14, 2018 (the “acquisition date”), we completed the acquisition of the Layne Christensen Company (“Layne”). The financial information in the table below summarizes the combined results of operations of Granite and Layne, on a pro forma basis, as though the companies had been combined as of January 1, 2017 (in thousands, except per share amounts). The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2017. Three Months Ended Six Months Ended June 30, 2018 Revenue $ 909,783 $ 1,583,073 Net income 16,834 14,454 Net income attributable to Granite 14,530 10,389 Basic net income per share attributable to common shareholders 0.32 0.23 Diluted net income per share attributable to common shareholders 0.30 0.22 These amounts have been calculated after applying Granite’s accounting policies and adjusting the results of Layne to reflect the additional depreciation and amortization that would have been recorded assuming the fair value adjustments to property and equipment and intangible assets had been applied starting on January 1, 2017. Acquisition and integration expenses related to Layne are excluded as the timing of the transaction is assumed to be January 1, 2017. The statutory tax rate of 26% |
Revisions in Estimates
Revisions in Estimates | 6 Months Ended |
Jun. 30, 2019 | |
Change In Accounting Estimate [Abstract] | |
Revisions in Estimates | 4. Revisions in Estimates Our profit recognition related to construction contracts is based on estimates of transaction price and costs to complete each project. These estimates can vary significantly in the normal course of business as projects progress, circumstances develop and evolve, and uncertainties are resolved. When we experience significant changes in our estimates, we undergo a process that includes reviewing the nature of the changes to ensure that there are no material amounts that should have been recorded in a prior period rather than as revisions in estimates for the current period. For revisions in estimates, generally we use the cumulative catch-up method for changes to the transaction price that are part of a single performance obligation. Under this method, revisions in estimates are accounted for in their entirety in the period of change. There can be no assurance that we will not experience further changes in circumstances or otherwise be required to revise our estimates in the future. In our review of these changes for the three and six months ended June 30, 2018 June 30, 2019 For the three and six months ended June 30, 2019 , revisions in estimates, including estimated cost recovery of customer affirmative claims and back charges, that individually had an impact of $5.0 million or more on gross profit resulted in decreases to gross profit and loss before (benefit from) provision for income taxes of $161.1 million and $167.8 million , respectively, and decreases in net loss of $ 120.2 million and $ 125.4 million ($ 2.57 and $ 2.68 per share), respectively. For the three and six months ended June 30, 2018, r Decreases for all periods presented were in our Transportation segment. There were no increases from revisions in estimates, which individually had an impact of $5.0 million or more on gross profit, for the periods presented The impact to gross profit is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2019 2018 2019 2018 Number of projects with downward estimate changes 5 2 5 3 Range of reduction in gross profit from each project, net $ 7.5 - 77.3 $ 14.5 - 15.7 $ 8.5 - 77.3 $ 5.2 - 18.3 Decrease to project profitability $ 161.1 $ 30.2 $ 167.8 $ 38.0 The decreases during the three and six months ended June 30, 2019 were due to increased project completion costs, schedule delays, execution of a significant amount of disputed work as well as additional weather-related costs |
Disaggregation of Revenue
Disaggregation of Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation of Revenue | 5. Disaggregation of Revenue The following tables present our disaggregated revenue (in thousands): Three Months Ended June 30, Transportation Water Specialty Materials Total 2019 California $ 138,411 $ 2,634 $ 42,980 $ 50,962 $ 234,987 Federal 51 371 18,523 — 18,945 Heavy Civil 77,009 3,381 — — 80,390 Midwest 28,135 — 39,582 — 67,717 Northwest 160,372 1,349 48,676 40,846 251,243 Water and Mineral Services — 105,096 25,323 5,839 136,258 Total $ 403,978 $ 112,831 $ 175,084 $ 97,647 $ 789,540 2018 California $ 156,344 $ 4,553 $ 41,899 $ 55,194 $ 257,990 Federal 101 627 10,210 — 10,938 Heavy Civil 192,598 5,478 — — 198,076 Midwest 22,113 1,020 59,468 — 82,601 Northwest 131,555 1,524 40,265 43,621 216,965 Water and Mineral Services — 38,416 — 2,133 40,549 Total $ 502,711 $ 51,618 $ 151,842 $ 100,948 $ 807,119 Six Months Ended June 30, Transportation Water Specialty Materials Total 2019 California $ 207,924 $ 4,000 $ 75,137 $ 74,027 $ 361,088 Federal 77 879 33,725 — 34,681 Heavy Civil 271,980 7,915 — — 279,895 Midwest 46,196 84 75,470 — 121,750 Northwest 216,011 2,580 80,868 55,378 354,837 Water and Mineral Services — 196,628 50,577 9,885 257,090 Total $ 742,188 $ 212,086 $ 315,777 $ 139,290 $ 1,409,341 2018 California $ 272,914 $ 33,592 $ 73,201 $ 88,182 $ 467,889 Federal 358 1,118 14,257 — 15,733 Heavy Civil 371,462 9,700 — — 381,162 Midwest 38,455 1,516 114,912 — 154,883 Northwest 178,667 2,391 67,943 56,355 305,356 Water and Mineral Services — 43,342 — 2,133 45,475 Total $ 861,856 $ 91,659 $ 270,313 $ 146,670 $ 1,370,498 |
Unearned Revenue
Unearned Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Revenue Disclosure [Abstract] | |
Unearned Revenue | 6. Unearned Revenue The following tables present our unearned revenue as of the respective periods (in thousands): June 30, 2019 Transportation Water Specialty Total California $ 590,641 $ 14,382 $ 119,152 $ 724,175 Northwest 374,148 710 93,411 468,269 Heavy Civil 1,751,819 12,146 — 1,763,965 Federal 80 1,350 146,516 147,946 Midwest 204,749 110 158,378 363,237 Water and Mineral Services — 224,720 — 224,720 Total $ 2,921,437 $ 253,418 $ 517,457 $ 3,692,312 March 31, 2019 California $ 402,482 $ 7,314 $ 66,089 $ 475,885 Northwest 344,414 1,759 71,878 418,051 Heavy Civil 1,311,518 17,173 — 1,328,691 Federal 19 — 137,592 137,611 Midwest 128,867 143 180,449 309,459 Water and Mineral Services — 193,914 — 193,914 Total $ 2,187,300 $ 220,303 $ 456,008 $ 2,863,611 June 30, 2018 California $ 332,252 $ 17,485 $ 47,601 $ 397,338 Northwest 315,189 206 68,461 383,856 Heavy Civil 1,882,806 32,214 — 1,915,020 Federal 26 — 161,073 161,099 Midwest 64,191 625 268,809 333,625 Water and Mineral Services — 225,402 — 225,402 Total $ 2,594,464 $ 275,932 $ 545,944 $ 3,416,340 |
Contract Assets and Liabilities
Contract Assets and Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Contract Assets and Liabilities | 7. Contract Assets and Liabilities During the three and six months ended June 30, 2019 2018 As a result of changes in contract transaction price related to performance obligations that were satisfied or partially satisfied prior to the end of the periods, we recognized revenue of $43.5 million and $84.8 million during the three and six months ended June 30, 2019 As of June 30, 2019 , t The components of the contract asset balances as of the respective dates were as follows (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 Costs in excess of billings and estimated earnings $ 161,500 $ 120,223 $ 161,670 Contract retention 96,150 99,531 103,520 Total contract assets $ 257,650 $ 219,754 $ 265,190 As of June 30, 2019 The components of the contract liability balances as of the respective dates were as follows (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 Billings in excess of costs and estimated earnings, net of retention $ 117,029 $ 103,250 $ 91,147 Provisions for losses 2,260 2,199 717 Total contract liabilities $ 119,289 $ 105,449 $ 91,864 |
Receivables, Net
Receivables, Net | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Receivables, Net | 8. Receivables, net (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Contracts completed and in progress: Billed $ 313,185 $ 285,521 $ 340,548 Unbilled 163,950 98,755 71,464 Total contracts completed and in progress 477,135 384,276 412,012 Material sales 61,204 45,286 64,128 Other 14,260 44,195 16,644 Total gross receivables 552,599 473,757 492,784 Less: allowance for doubtful accounts 641 511 66 Total net receivables $ 551,958 $ 473,246 $ 492,718 Receivables include billed and unbilled amounts for services provided to clients for which we have an unconditional right to payment as of the end of the applicable period and do not bear interest. Included in other receivables at June 30, 2019 |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2019 | |
Marketable Securities [Abstract] | |
Marketable Securities | 9. Marketable Securities All marketable securities were classified as held-to-maturity as of the dates presented and the carrying amounts of held-to-maturity securities were as follows: (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 U.S. Government and agency obligations $ 41,037 $ 24,996 $ 15,000 Corporate bonds — 5,006 5,014 Total short-term marketable securities 41,037 30,002 20,014 U.S. Government and agency obligations 20,000 36,098 61,191 Total long-term marketable securities 20,000 36,098 61,191 Total marketable securities $ 61,037 $ 66,100 $ 81,205 Scheduled maturities of held-to-maturity investments were as follows: (in thousands) June 30, 2019 Due within one year $ 41,037 Due in one to five years 20,000 Total $ 61,037 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurement The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using June 30, 2019 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 17,790 $ — $ — $ 17,790 Other noncurrent assets Restricted cash 5,825 — — 5,825 Total assets $ 23,615 $ — $ — $ 23,615 Other current liabilities Interest rate cash flow hedge $ — $ 4,985 $ — $ 4,985 Total liabilities $ — $ 4,985 $ — $ 4,985 December 31, 2018 Cash equivalents Money market funds $ 84,613 $ — $ — $ 84,613 Other noncurrent assets Restricted cash 5,825 — — 5,825 Total assets $ 90,438 $ — $ — $ 90,438 Other current liabilities Interest rate cash flow hedge $ — $ 1,098 $ — $ 1,098 Total liabilities $ — $ 1,098 $ — $ 1,098 June 30, 2018 Cash equivalents Money market funds $ 56,534 $ — $ — $ 56,534 Other current assets Interest rate cash flow hedge — 473 — 473 Other noncurrent assets Restricted cash 5,746 — — 5,746 Total assets $ 62,280 $ 473 $ — $ 62,753 Commodity Swap In February 2019, we entered into a commodity swap designated as cash flow hedge covering the periods from March to October 2019 with an original notional amount of $8.7 million which represented approximately 60.0% of our forecasted purchases for fixed price asphalt during these periods The commodity swap is reported at fair value using Level 2 inputs in the condensed consolidated balance sheets. Gains or losses on the effective portion are initially reported as a component of AOCI and subsequently reclassified to cost of revenue in the condensed consolidated statements of operations when the monthly hedged commodity payment is settled. As of June 30, 2019, the During the three and six months ended June 30, 2019, the unrealized gain, net of taxes, on the effective portion was immaterial, there was no ineffective portion, the cost of revenue reclassified from AOCI was immaterial and we estimate an immaterial amount to be reclassified from AOCI into pre-tax earnings within the next twelve months. Other Assets and Liabilities The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows: June 30, 2019 December 31, 2018 June 30, 2018 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 61,037 $ 60,887 $ 66,100 $ 65,290 $ 81,205 $ 80,006 Liabilities (including current maturities): 2019 Notes 1 Level 3 $ 40,000 $ 40,571 $ 40,000 $ 40,484 $ 80,000 $ 81,307 Credit Agreement - term loan 1 Level 3 142,500 143,109 146,250 147,141 150,000 150,608 Credit Agreement - revolving credit facility 1 Level 3 220,000 220,597 197,000 197,889 99,000 99,267 Convertible notes Level 1 — — — — 160,765 186,410 1 During the three and six months ended June 30, 2019 |
Construction Joint Ventures
Construction Joint Ventures | 6 Months Ended |
Jun. 30, 2019 | |
Construction And Line Item Joint Ventures [Abstract] | |
Construction and Line Item Joint Ventures | 11. Construction Joint Ventures We participate in various construction joint ventures. We have determined that certain of these joint ventures are consolidated because they are variable interest entities (“VIEs”) and we are the primary beneficiary. We continually evaluate whether there are changes in the status of the VIEs or changes to the primary beneficiary designation of the VIE. Based on our assessments during the three months ended June 30, 2019 Due to the joint and several nature of the performance obligations under the related owner contracts, if any of the partners fail to perform, we and the remaining partners, if any, would be responsible for performance of the outstanding work (i.e., we provide a performance guarantee). At June 30, 2019 Consolidated Construction Joint Ventures (“CCJVs”) At June 30, 2019 June 30, 2019 Unconsolidated Construction Joint Ventures As of June 30, 2019 June 30, 2019 The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Assets Cash, cash equivalents and marketable securities $ 225,163 $ 229,562 $ 309,330 Other current assets 1 960,406 814,979 701,945 Noncurrent assets 214,238 204,090 211,963 Less partners’ interest 929,332 822,215 792,567 Granite’s interest 1,2 470,475 426,416 430,671 Liabilities Current liabilities 530,654 525,036 535,700 Less partners’ interest and adjustments 3 243,241 369,782 342,760 Granite’s interest 287,413 155,254 192,940 Equity in construction joint ventures 4 $ 183,062 $ 271,162 $ 237,731 1 June 30, 2019 2 June 30, 2019 3 4 Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Revenue Total $ 436,071 $ 449,996 $ 852,005 $ 689,437 Less partners’ interest and adjustments 1 399,227 340,809 682,668 461,841 Granite’s interest 36,844 109,187 169,337 227,596 Cost of revenue Total 456,484 423,385 867,969 804,274 Less partners’ interest and adjustments 1 312,455 296,250 592,461 562,751 Granite’s interest 144,029 127,135 275,508 241,523 Granite’s interest in gross loss $ (107,185 ) $ (17,948 ) $ (106,171 ) $ (13,927 ) 1 During the three and six months ended June 30, 2019 |
Investments in Affiliates
Investments in Affiliates | 6 Months Ended |
Jun. 30, 2019 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in Affiliates | 1 2 . Investments in Affiliates Our investments in affiliates balance consists of equity method investments in the following types of entities: (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Foreign $ 55,563 $ 55,715 $ 63,000 Real estate 17,781 19,676 27,591 Asphalt terminal 8,765 8,963 8,904 Total investments in affiliates $ 82,109 $ 84,354 $ 99,495 The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Current assets $ 138,564 $ 141,930 $ 136,953 Noncurrent assets 182,561 170,172 173,384 Total assets 321,125 312,102 310,337 Current liabilities 70,435 55,816 54,710 Long-term liabilities 1 70,381 63,098 54,383 Total liabilities 140,816 118,914 109,093 Net assets 180,309 193,188 201,244 Granite’s share of net assets $ 82,109 $ 84,354 $ 99,495 1 Of the $321.1 million in total assets as of June 30, 2019 June 30, 2019 June 30, 2019 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 13. Property and Equipment, net Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets and were as follows: (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Equipment and vehicles $ 943,456 $ 906,275 $ 933,951 Quarry property 191,972 180,246 178,809 Land and land improvements 134,151 142,271 141,549 Buildings and leasehold improvements 109,356 108,884 105,038 Office furniture and equipment 66,587 65,680 63,806 Property and equipment 1,445,522 1,403,356 1,423,153 Less: accumulated depreciation and depletion 888,404 853,668 827,366 Property and equipment, net $ 557,118 $ 549,688 $ 595,787 |
Long-Term Debt and Credit Arran
Long-Term Debt and Credit Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Credit Arrangements | 14. Long-Term Debt and Credit Arrangements (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Senior notes payable $ 40,000 $ 40,000 $ 80,000 Credit Agreement term loan 142,500 146,250 150,000 Credit Agreement revolving credit loan 220,000 197,000 99,000 Convertible notes — — 160,765 Other 12,793 (845 ) (1,073 ) Total debt 415,293 382,405 488,692 Less current maturities 48,397 47,286 207,982 Total long-term debt $ 366,896 $ 335,119 $ 280,710 The aggregate minimum principal maturities of long-term debt, including current maturities and excluding debt issuance costs, related to balances at June 30, 2019 in 2020 Senior Notes Payable Senior notes payable as of both June 30, 2019 June 30, 2019 Credit Agreement Granite entered into the Third Amended and Restated Credit Agreement dated May 31, 2018 (the “Credit Agreement”). The Credit Agreement provided for a $150.0 million term loan, of which $142.5 million was outstanding on June 30, 2019, and a $350.0 million revolving credit facility. We entered into the Amendment No. 1 to Third Amended and Restated Credit Agreement dated July 29, 2019 as discussed below. The term loan requires that Granite repay 1.25% of the principal balance each quarter until the maturity date, at which point the remaining balance is due. As of each June 30, 2019 As of June 30, 2019 June 30, 2019 June 30, 2019 Borrowings under the Credit Agreement bear interest at LIBOR or a base rate (at our option), plus an applicable margin based on the Consolidated Leverage Ratio (as defined in the Credit Agreement) calculated quarterly. The applicable margin was 1.75% for loans bearing interest based on LIBOR and 0.75% for loans bearing interest at the base rate at June 30, 2019 June 30, 2019 As of June 30, 2019 Covenants and Events of Default Our Credit Agreement requires us to comply with various affirmative, restrictive and financial covenants. Our failure to comply with any of these covenants, or to pay principal, interest or other amounts when due thereunder, would constitute an event of default under the applicable agreements. The most significant restrictive financial covenants under the terms of the Credit Agreement require the maintenance of a minimum Consolidated Interest Coverage Ratio and a maximum Consolidated Leverage Ratio. On July 29, 2019, the Company entered into Amendment No. 1 (the “Amendment”) to the Credit Agreement, which modified certain conditions of these financial covenants. As of June 30, 2019 and pursuant to the definitions in the Amendment and the Credit Agreement, the Consolidated Interest Coverage Ratio was 11.28, which exceeded the minimum of 4.00, and the Consolidated Leverage Ratio was 2.09, which did not exceed the maximum of 3.25. As of June 30, 2019, we were compliant with the financial covenants contained in the Amendment No. 1 to Third Amended and Restated Credit Agreement . We called and redeemed the $40.0 million outstanding balance of the 2019 Notes on July 29, 2019 which were originally due in December 2019. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 15. Leases We have leases for office and shop space, as well as for equipment primarily utilized in our construction projects. As of June 30, 2019, our lease contracts were classified as operating leases and had terms ranging from month-to-month to 29 years. ROU assets . we had no lease contracts that had not yet commenced but created significant rights and obligations and Lease expense was $4.6 million and $8.9 million during the three and six months ended June 30, 2019, which included operating lease costs related to short-term leases and variable lease costs. As of June 30, 2019, our weighted-average remaining lease term was 6.3 years and the weighted-average discount rate was 4.08%. As of June 30, 2019, the lease liability is equal to the present value of the remaining lease payments, discounted using the incremental borrowing rate on our secured debt using a single maturity discount rate as it is not materially different than the discount rates applied to each of the leases in the portfolio. The following table summarizes our undiscounted lease liabilities outstanding as of June 30, 2019 Remainder of 2019 $ 9,543 2020 18,541 2021 17,303 2022 15,222 2023 10,268 2024 through 2035 20,790 Total future minimum lease payments $ 91,667 Less: imputed interest 15,219 Total $ 76,448 |
Weighted Average Shares Outstan
Weighted Average Shares Outstanding and Net Loss Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Weighted Average Shares Outstanding and Net Loss Per Share | 16. Weighted Average Shares Outstanding and Net Loss Per Share The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net loss per share as well as the calculation of basic and diluted net loss per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2019 2018 2019 2018 Numerator (basic and diluted) Net loss allocated to common shareholders for basic calculation $ (97,836 ) $ (8,385 ) $ (132,410 ) $ (19,808 ) Denominator Weighted average common shares outstanding, basic 46,824 41,044 46,762 40,074 Dilutive effect of RSUs 1 — — — — Weighted average common shares outstanding, diluted 46,824 41,044 46,762 40,074 Net loss per share, basic $ (2.09 ) $ (0.20 ) $ (2.83 ) $ (0.49 ) Net loss per share, diluted $ (2.09 ) $ (0.20 ) $ (2.83 ) $ (0.49 ) 1 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17 . The following table presents the (benefit from) provision for income taxes for the respective periods: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2019 2018 2019 2018 (Benefit from) provision for income taxes $ (31,760 ) $ 2,796 $ (40,925 ) $ (1,335 ) Effective tax rate 25.3 % (85.1 )% 24.7 % 7.8 % Our effective tax rate for the three and six months ended June 30, 2019 increased to 25.3% from (85.1)% and to 24.7% from 7.8%, respectively, when compared to the same periods in 2018. This change was primarily due to a discrete tax benefit on the decrease to project profitability recorded in the second quarter of 2019 as it related to four legacy, unconsolidated heavy civil joint venture projects compared to a discrete tax expense on one-time nondeductible acquisition and integration expenses recorded in the second quarter of 2018. Of the $161.1 million decrease to project profitability for the three months ended June 30, 2019 (see Note 4), $143.7 million is discrete to the second quarter of 2019 which resulted in a discrete tax benefit of $37.0 million. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Proceedings | 1 8 . Legal Proceedings In the ordinary course of business, we and our affiliates are involved in various legal proceedings alleging, among other things, liability issues or breach of contract or tortious conduct in connection with the performance of services and/or materials provided, the various outcomes of which cannot be predicted with certainty. We and our affiliates are also subject to government inquiries in the ordinary course of business seeking information concerning our compliance with government construction contracting requirements and various laws and regulations, the outcomes which cannot be predicted with certainty. Some of the matters in which we or our joint ventures and affiliates are involved may involve compensatory, punitive, or other claims or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that are not probable to be incurred or cannot currently be reasonably estimated. In addition, in some circumstances our government contracts could be terminated, we could be suspended, debarred or incur other administrative penalties or sanctions, or payment of our costs could be disallowed. While any of our pending legal proceedings may be subject to early resolution as a result of our ongoing efforts to resolve the proceedings, whether or when any legal proceeding will be resolved is neither predictable nor guaranteed. Accordingly, it is possible that future developments in such proceedings and inquiries could require us to (i) adjust existing accruals, or (ii) record new accruals that we did not originally believe to be probable or that could not be reasonably estimated. Such changes could be material to our financial condition, results of operations and/or cash flows in any particular reporting period. In addition to matters that are considered probable for which the loss can be reasonably estimated, disclosure is also provided when it is reasonably possible and estimable that a loss will be incurred or when it is reasonably possible that the amount of a loss will exceed the amount recorded. Liabilities relating to legal proceedings and government inquiries, to the extent that we have concluded such liabilities are probable and the amounts of such liabilities are reasonably estimable, are recorded in our condensed consolidated balance sheets. The aggregate liabilities recorded as of June 30, 2019 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Information | 19. Business Segment Information Summarized segment information is as follows (in thousands): Three Months Ended June 30, Transportation Water Specialty Materials Total 2019 Total revenue from reportable segments $ 403,978 $ 112,831 $ 175,084 $ 143,010 $ 834,903 Elimination of intersegment revenue — — — (45,363 ) (45,363 ) Revenue from external customers 403,978 112,831 175,084 97,647 789,540 Gross (loss) profit (99,879 ) 11,263 22,210 14,002 (52,404 ) Depreciation, depletion and amortization 4,845 10,931 8,401 6,054 30,231 2018 Total revenue from reportable segments $ 502,711 $ 51,618 $ 151,842 $ 146,197 $ 852,368 Elimination of intersegment revenue — — — (45,249 ) (45,249 ) Revenue from external customers 502,711 51,618 151,842 100,948 807,119 Gross profit 35,963 5,450 21,476 17,480 80,369 Depreciation, depletion and amortization 5,373 4,378 9,212 6,074 25,037 Six Months Ended June 30, Transportation Water Specialty Materials Total 2019 Total revenue from reportable segments $ 742,188 $ 212,086 $ 315,777 $ 192,243 $ 1,462,294 Elimination of intersegment revenue — — — (52,953 ) (52,953 ) Revenue from external customers 742,188 212,086 315,777 139,290 1,409,341 Gross (loss) profit (78,629 ) 19,382 37,077 10,244 (11,926 ) Depreciation, depletion and amortization 8,485 21,987 14,213 11,633 56,318 Segment assets 350,679 302,294 148,441 376,619 1,178,033 2018 Total revenue from reportable segments $ 861,856 $ 91,659 $ 270,313 $ 199,519 $ 1,423,347 Elimination of intersegment revenue — — — (52,849 ) (52,849 ) Revenue from external customers 861,856 91,659 270,313 146,670 1,370,498 Gross profit 67,425 17,014 37,212 15,001 136,652 Depreciation, depletion and amortization 10,393 4,884 11,339 11,484 38,100 Segment assets 426,698 359,141 157,313 304,121 1,247,273 As of June 30, 2019 June 30, 2019 A reconciliation of segment gross (loss) profit to consolidated loss before provision for (benefit from) income taxes is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Total gross (loss) profit from reportable segments $ (52,404 ) $ 80,369 $ (11,926 ) $ 136,652 Selling, general and administrative expenses 69,998 61,316 151,153 122,568 Acquisition and integration expenses 9,177 26,287 12,500 34,696 Gain on sales of property and equipment (4,935 ) (1,505 ) (6,835 ) (2,048 ) Total other income (923 ) (2,444 ) (2,777 ) (1,486 ) Loss before (benefit from) provision for income taxes $ (125,721 ) $ (3,285 ) $ (165,967 ) $ (17,078 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash: The table below presents changes in cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands). Six Months Ended June 30, 2019 2018 Cash and cash equivalents and restricted cash, beginning of period $ 278,629 $ 233,711 End of the period Cash and cash equivalents 144,958 195,515 Restricted cash 5,825 5,746 Total cash, cash equivalents and restricted cash, end of period 150,783 201,261 Net decrease in cash, cash equivalents and restricted cash $ (127,846 ) $ (32,450 ) |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported in the Condensed Consolidated Balance Sheets | The table below presents changes in cash, cash equivalents and restricted cash on the condensed consolidated statements of cash flows and a reconciliation to the amounts reported in the condensed consolidated balance sheets (in thousands). Six Months Ended June 30, 2019 2018 Cash and cash equivalents and restricted cash, beginning of period $ 278,629 $ 233,711 End of the period Cash and cash equivalents 144,958 195,515 Restricted cash 5,825 5,746 Total cash, cash equivalents and restricted cash, end of period 150,783 201,261 Net decrease in cash, cash equivalents and restricted cash $ (127,846 ) $ (32,450 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Pro Forma Financial Information | The financial information in the table below summarizes the combined results of operations of Granite and Layne, on a pro forma basis, as though the companies had been combined as of January 1, 2017 (in thousands, except per share amounts). The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2017. Three Months Ended Six Months Ended June 30, 2018 Revenue $ 909,783 $ 1,583,073 Net income 16,834 14,454 Net income attributable to Granite 14,530 10,389 Basic net income per share attributable to common shareholders 0.32 0.23 Diluted net income per share attributable to common shareholders 0.30 0.22 |
Revisions in Estimates (Tables)
Revisions in Estimates (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Change In Accounting Estimate [Abstract] | |
Summary of Impact of Revisions in Estimates on Gross Profit | The impact to gross profit is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2019 2018 2019 2018 Number of projects with downward estimate changes 5 2 5 3 Range of reduction in gross profit from each project, net $ 7.5 - 77.3 $ 14.5 - 15.7 $ 8.5 - 77.3 $ 5.2 - 18.3 Decrease to project profitability $ 161.1 $ 30.2 $ 167.8 $ 38.0 |
Disaggregation of Revenue (Tabl
Disaggregation of Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disaggregation Of Revenue [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present our disaggregated revenue (in thousands): Three Months Ended June 30, Transportation Water Specialty Materials Total 2019 California $ 138,411 $ 2,634 $ 42,980 $ 50,962 $ 234,987 Federal 51 371 18,523 — 18,945 Heavy Civil 77,009 3,381 — — 80,390 Midwest 28,135 — 39,582 — 67,717 Northwest 160,372 1,349 48,676 40,846 251,243 Water and Mineral Services — 105,096 25,323 5,839 136,258 Total $ 403,978 $ 112,831 $ 175,084 $ 97,647 $ 789,540 2018 California $ 156,344 $ 4,553 $ 41,899 $ 55,194 $ 257,990 Federal 101 627 10,210 — 10,938 Heavy Civil 192,598 5,478 — — 198,076 Midwest 22,113 1,020 59,468 — 82,601 Northwest 131,555 1,524 40,265 43,621 216,965 Water and Mineral Services — 38,416 — 2,133 40,549 Total $ 502,711 $ 51,618 $ 151,842 $ 100,948 $ 807,119 Six Months Ended June 30, Transportation Water Specialty Materials Total 2019 California $ 207,924 $ 4,000 $ 75,137 $ 74,027 $ 361,088 Federal 77 879 33,725 — 34,681 Heavy Civil 271,980 7,915 — — 279,895 Midwest 46,196 84 75,470 — 121,750 Northwest 216,011 2,580 80,868 55,378 354,837 Water and Mineral Services — 196,628 50,577 9,885 257,090 Total $ 742,188 $ 212,086 $ 315,777 $ 139,290 $ 1,409,341 2018 California $ 272,914 $ 33,592 $ 73,201 $ 88,182 $ 467,889 Federal 358 1,118 14,257 — 15,733 Heavy Civil 371,462 9,700 — — 381,162 Midwest 38,455 1,516 114,912 — 154,883 Northwest 178,667 2,391 67,943 56,355 305,356 Water and Mineral Services — 43,342 — 2,133 45,475 Total $ 861,856 $ 91,659 $ 270,313 $ 146,670 $ 1,370,498 |
Unearned Revenue (Tables)
Unearned Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule Of Unearned Revenue | The following tables present our unearned revenue as of the respective periods (in thousands): June 30, 2019 Transportation Water Specialty Total California $ 590,641 $ 14,382 $ 119,152 $ 724,175 Northwest 374,148 710 93,411 468,269 Heavy Civil 1,751,819 12,146 — 1,763,965 Federal 80 1,350 146,516 147,946 Midwest 204,749 110 158,378 363,237 Water and Mineral Services — 224,720 — 224,720 Total $ 2,921,437 $ 253,418 $ 517,457 $ 3,692,312 March 31, 2019 California $ 402,482 $ 7,314 $ 66,089 $ 475,885 Northwest 344,414 1,759 71,878 418,051 Heavy Civil 1,311,518 17,173 — 1,328,691 Federal 19 — 137,592 137,611 Midwest 128,867 143 180,449 309,459 Water and Mineral Services — 193,914 — 193,914 Total $ 2,187,300 $ 220,303 $ 456,008 $ 2,863,611 June 30, 2018 California $ 332,252 $ 17,485 $ 47,601 $ 397,338 Northwest 315,189 206 68,461 383,856 Heavy Civil 1,882,806 32,214 — 1,915,020 Federal 26 — 161,073 161,099 Midwest 64,191 625 268,809 333,625 Water and Mineral Services — 225,402 — 225,402 Total $ 2,594,464 $ 275,932 $ 545,944 $ 3,416,340 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Contract With Customer Asset And Liability [Abstract] | |
Component of and Changes in Contract Asset and Liability Balances | The components of the contract asset balances as of the respective dates were as follows (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 Costs in excess of billings and estimated earnings $ 161,500 $ 120,223 $ 161,670 Contract retention 96,150 99,531 103,520 Total contract assets $ 257,650 $ 219,754 $ 265,190 The components of the contract liability balances as of the respective dates were as follows (in thousands): June 30, 2019 December 31, 2018 June 30, 2018 Billings in excess of costs and estimated earnings, net of retention $ 117,029 $ 103,250 $ 91,147 Provisions for losses 2,260 2,199 717 Total contract liabilities $ 119,289 $ 105,449 $ 91,864 |
Receivables, Net (Tables)
Receivables, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of Receivables | (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Contracts completed and in progress: Billed $ 313,185 $ 285,521 $ 340,548 Unbilled 163,950 98,755 71,464 Total contracts completed and in progress 477,135 384,276 412,012 Material sales 61,204 45,286 64,128 Other 14,260 44,195 16,644 Total gross receivables 552,599 473,757 492,784 Less: allowance for doubtful accounts 641 511 66 Total net receivables $ 551,958 $ 473,246 $ 492,718 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Marketable Securities [Abstract] | |
Held-to-maturity Securities | All marketable securities were classified as held-to-maturity as of the dates presented and the carrying amounts of held-to-maturity securities were as follows: (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 U.S. Government and agency obligations $ 41,037 $ 24,996 $ 15,000 Corporate bonds — 5,006 5,014 Total short-term marketable securities 41,037 30,002 20,014 U.S. Government and agency obligations 20,000 36,098 61,191 Total long-term marketable securities 20,000 36,098 61,191 Total marketable securities $ 61,037 $ 66,100 $ 81,205 Scheduled maturities of held-to-maturity investments were as follows: (in thousands) June 30, 2019 Due within one year $ 41,037 Due in one to five years 20,000 Total $ 61,037 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize significant assets and liabilities measured at fair value in the condensed consolidated balance sheets on a recurring basis for each of the fair value levels (in thousands): Fair Value Measurement at Reporting Date Using June 30, 2019 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 17,790 $ — $ — $ 17,790 Other noncurrent assets Restricted cash 5,825 — — 5,825 Total assets $ 23,615 $ — $ — $ 23,615 Other current liabilities Interest rate cash flow hedge $ — $ 4,985 $ — $ 4,985 Total liabilities $ — $ 4,985 $ — $ 4,985 December 31, 2018 Cash equivalents Money market funds $ 84,613 $ — $ — $ 84,613 Other noncurrent assets Restricted cash 5,825 — — 5,825 Total assets $ 90,438 $ — $ — $ 90,438 Other current liabilities Interest rate cash flow hedge $ — $ 1,098 $ — $ 1,098 Total liabilities $ — $ 1,098 $ — $ 1,098 June 30, 2018 Cash equivalents Money market funds $ 56,534 $ — $ — $ 56,534 Other current assets Interest rate cash flow hedge — 473 — 473 Other noncurrent assets Restricted cash 5,746 — — 5,746 Total assets $ 62,280 $ 473 $ — $ 62,753 |
Schedule of Carrying and Fair Value Amounts | The carrying values and estimated fair values of our financial instruments that are not required to be recorded at fair value in the condensed consolidated balance sheets were as follows: June 30, 2019 December 31, 2018 June 30, 2018 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Held-to-maturity marketable securities Level 1 $ 61,037 $ 60,887 $ 66,100 $ 65,290 $ 81,205 $ 80,006 Liabilities (including current maturities): 2019 Notes 1 Level 3 $ 40,000 $ 40,571 $ 40,000 $ 40,484 $ 80,000 $ 81,307 Credit Agreement - term loan 1 Level 3 142,500 143,109 146,250 147,141 150,000 150,608 Credit Agreement - revolving credit facility 1 Level 3 220,000 220,597 197,000 197,889 99,000 99,267 Convertible notes Level 1 — — — — 160,765 186,410 1 |
Construction Joint Ventures (Ta
Construction Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Construction And Line Item Joint Ventures [Abstract] | |
Schedule of Unconsolidated Joint Ventures Assets and Liabilities | The following is summary financial information related to unconsolidated construction joint ventures: (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Assets Cash, cash equivalents and marketable securities $ 225,163 $ 229,562 $ 309,330 Other current assets 1 960,406 814,979 701,945 Noncurrent assets 214,238 204,090 211,963 Less partners’ interest 929,332 822,215 792,567 Granite’s interest 1,2 470,475 426,416 430,671 Liabilities Current liabilities 530,654 525,036 535,700 Less partners’ interest and adjustments 3 243,241 369,782 342,760 Granite’s interest 287,413 155,254 192,940 Equity in construction joint ventures 4 $ 183,062 $ 271,162 $ 237,731 1 June 30, 2019 2 June 30, 2019 3 4 |
Schedule of Unconsolidated Joint Ventures Revenue and Costs | Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Revenue Total $ 436,071 $ 449,996 $ 852,005 $ 689,437 Less partners’ interest and adjustments 1 399,227 340,809 682,668 461,841 Granite’s interest 36,844 109,187 169,337 227,596 Cost of revenue Total 456,484 423,385 867,969 804,274 Less partners’ interest and adjustments 1 312,455 296,250 592,461 562,751 Granite’s interest 144,029 127,135 275,508 241,523 Granite’s interest in gross loss $ (107,185 ) $ (17,948 ) $ (106,171 ) $ (13,927 ) 1 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in and Advances to Affiliates | Our investments in affiliates balance consists of equity method investments in the following types of entities: (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Foreign $ 55,563 $ 55,715 $ 63,000 Real estate 17,781 19,676 27,591 Asphalt terminal 8,765 8,963 8,904 Total investments in affiliates $ 82,109 $ 84,354 $ 99,495 |
Equity Method Investment Summarized Balance Sheet Information | The following table provides summarized balance sheet information for our affiliates accounted for under the equity method on a combined basis: (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Current assets $ 138,564 $ 141,930 $ 136,953 Noncurrent assets 182,561 170,172 173,384 Total assets 321,125 312,102 310,337 Current liabilities 70,435 55,816 54,710 Long-term liabilities 1 70,381 63,098 54,383 Total liabilities 140,816 118,914 109,093 Net assets 180,309 193,188 201,244 Granite’s share of net assets $ 82,109 $ 84,354 $ 99,495 1 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Balances of major classes of assets and allowances for depreciation and depletion are included in property and equipment, net in the condensed consolidated balance sheets and were as follows: (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Equipment and vehicles $ 943,456 $ 906,275 $ 933,951 Quarry property 191,972 180,246 178,809 Land and land improvements 134,151 142,271 141,549 Buildings and leasehold improvements 109,356 108,884 105,038 Office furniture and equipment 66,587 65,680 63,806 Property and equipment 1,445,522 1,403,356 1,423,153 Less: accumulated depreciation and depletion 888,404 853,668 827,366 Property and equipment, net $ 557,118 $ 549,688 $ 595,787 |
Long-Term Debt and Credit Arr_2
Long-Term Debt and Credit Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | (in thousands) June 30, 2019 December 31, 2018 June 30, 2018 Senior notes payable $ 40,000 $ 40,000 $ 80,000 Credit Agreement term loan 142,500 146,250 150,000 Credit Agreement revolving credit loan 220,000 197,000 99,000 Convertible notes — — 160,765 Other 12,793 (845 ) (1,073 ) Total debt 415,293 382,405 488,692 Less current maturities 48,397 47,286 207,982 Total long-term debt $ 366,896 $ 335,119 $ 280,710 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Undiscounted Lease Liabilities Outstanding | The following table summarizes our undiscounted lease liabilities outstanding as of June 30, 2019 Remainder of 2019 $ 9,543 2020 18,541 2021 17,303 2022 15,222 2023 10,268 2024 through 2035 20,790 Total future minimum lease payments $ 91,667 Less: imputed interest 15,219 Total $ 76,448 |
Weighted Average Shares Outst_2
Weighted Average Shares Outstanding and Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of Weighted Average Shares Outstanding in Basic and Diluted Net Loss Per Share | The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net loss per share as well as the calculation of basic and diluted net loss per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2019 2018 2019 2018 Numerator (basic and diluted) Net loss allocated to common shareholders for basic calculation $ (97,836 ) $ (8,385 ) $ (132,410 ) $ (19,808 ) Denominator Weighted average common shares outstanding, basic 46,824 41,044 46,762 40,074 Dilutive effect of RSUs 1 — — — — Weighted average common shares outstanding, diluted 46,824 41,044 46,762 40,074 Net loss per share, basic $ (2.09 ) $ (0.20 ) $ (2.83 ) $ (0.49 ) Net loss per share, diluted $ (2.09 ) $ (0.20 ) $ (2.83 ) $ (0.49 ) 1 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of (Benefit From) Provision for Income Taxes | The following table presents the (benefit from) provision for income taxes for the respective periods: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2019 2018 2019 2018 (Benefit from) provision for income taxes $ (31,760 ) $ 2,796 $ (40,925 ) $ (1,335 ) Effective tax rate 25.3 % (85.1 )% 24.7 % 7.8 % |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Summarized segment information is as follows (in thousands): Three Months Ended June 30, Transportation Water Specialty Materials Total 2019 Total revenue from reportable segments $ 403,978 $ 112,831 $ 175,084 $ 143,010 $ 834,903 Elimination of intersegment revenue — — — (45,363 ) (45,363 ) Revenue from external customers 403,978 112,831 175,084 97,647 789,540 Gross (loss) profit (99,879 ) 11,263 22,210 14,002 (52,404 ) Depreciation, depletion and amortization 4,845 10,931 8,401 6,054 30,231 2018 Total revenue from reportable segments $ 502,711 $ 51,618 $ 151,842 $ 146,197 $ 852,368 Elimination of intersegment revenue — — — (45,249 ) (45,249 ) Revenue from external customers 502,711 51,618 151,842 100,948 807,119 Gross profit 35,963 5,450 21,476 17,480 80,369 Depreciation, depletion and amortization 5,373 4,378 9,212 6,074 25,037 Six Months Ended June 30, Transportation Water Specialty Materials Total 2019 Total revenue from reportable segments $ 742,188 $ 212,086 $ 315,777 $ 192,243 $ 1,462,294 Elimination of intersegment revenue — — — (52,953 ) (52,953 ) Revenue from external customers 742,188 212,086 315,777 139,290 1,409,341 Gross (loss) profit (78,629 ) 19,382 37,077 10,244 (11,926 ) Depreciation, depletion and amortization 8,485 21,987 14,213 11,633 56,318 Segment assets 350,679 302,294 148,441 376,619 1,178,033 2018 Total revenue from reportable segments $ 861,856 $ 91,659 $ 270,313 $ 199,519 $ 1,423,347 Elimination of intersegment revenue — — — (52,849 ) (52,849 ) Revenue from external customers 861,856 91,659 270,313 146,670 1,370,498 Gross profit 67,425 17,014 37,212 15,001 136,652 Depreciation, depletion and amortization 10,393 4,884 11,339 11,484 38,100 Segment assets 426,698 359,141 157,313 304,121 1,247,273 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | A reconciliation of segment gross (loss) profit to consolidated loss before provision for (benefit from) income taxes is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2018 2019 2018 Total gross (loss) profit from reportable segments $ (52,404 ) $ 80,369 $ (11,926 ) $ 136,652 Selling, general and administrative expenses 69,998 61,316 151,153 122,568 Acquisition and integration expenses 9,177 26,287 12,500 34,696 Gain on sales of property and equipment (4,935 ) (1,505 ) (6,835 ) (2,048 ) Total other income (923 ) (2,444 ) (2,777 ) (1,486 ) Loss before (benefit from) provision for income taxes $ (125,721 ) $ (3,285 ) $ (165,967 ) $ (17,078 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | May 22, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Basis Of Presentation [Line Items] | |||
Payment to acquire certain assets and equipment | $ 6,227 | $ 55,030 | |
Lametti & Sons, Inc. [Member] | |||
Basis Of Presentation [Line Items] | |||
Payment to acquire certain assets and equipment | $ 6,200 |
Basis of Presentation - Summary
Basis of Presentation - Summary of Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash And Cash Equivalents [Abstract] | ||
Cash and cash equivalents and restricted cash of $5,825 and $0 at beginning of each period | $ 278,629 | $ 233,711 |
Cash and cash equivalents | 144,958 | 195,515 |
Restricted cash | 5,825 | 5,746 |
Cash, cash equivalents and restricted cash of $5,825 and $5,746 at end of each period | 150,783 | 201,261 |
Net decrease in cash, cash equivalents and restricted cash | $ (127,846) | $ (32,450) |
Recently Issued and Adopted A_2
Recently Issued and Adopted Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
ROU assets | $ 73,439 | $ 0 | $ 0 | |
Short term lease liabilities | 15,600 | |||
Long term lease liabilities | 60,868 | 0 | 0 | |
Cumulative decrease to retained earnings | $ 642,124 | $ 787,356 | $ 737,417 | |
ASU 2016-02 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
ROU assets | $ 72,200 | |||
Short term lease liabilities | 14,900 | |||
Long term lease liabilities | 60,400 | |||
Cumulative decrease to retained earnings | $ (500) |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Business Combinations [Abstract] | ||
Revenue | $ 909,783 | $ 1,583,073 |
Net income | 16,834 | 14,454 |
Net income attributable to Granite | $ 14,530 | $ 10,389 |
Basic net income per share attributable to common shareholders | $ 0.32 | $ 0.23 |
Diluted net income per share attributable to common shareholders | $ 0.30 | $ 0.22 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Pro Forma [Member] | |
Business Acquisition [Line Items] | |
Federal statutory tax, Percent | 26.00% |
Revisions in Estimates - Additi
Revisions in Estimates - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Change In Accounting Estimate [Line Items] | ||||
Total revenue | $ 789,540 | $ 807,119 | $ 1,409,341 | $ 1,370,498 |
Gross profit (loss) | (52,404) | 80,369 | (11,926) | 136,652 |
Net income (loss) | (97,836) | (8,385) | (132,410) | (19,808) |
Change in project profitability from revisions in estimates | 5,000 | 5,000 | 5,000 | 5,000 |
Decrease to project profitability | 161,100 | 30,200 | 167,800 | 38,000 |
Transportation [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Total revenue | 403,978 | 502,711 | 742,188 | 861,856 |
Revisions in Estimates [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Net income (loss) | $ (120,200) | $ (23,200) | $ (125,400) | $ (29,100) |
Decrease to project profitability, per share | $ (2.57) | $ (0.57) | $ (2.68) | $ (0.73) |
Revisions in Estimates [Member] | Transportation [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Total revenue | $ (4,300) | |||
Gross profit (loss) | (4,300) | |||
Net income (loss) | $ (3,200) | $ (3,200) |
Revisions in Estimates - Summar
Revisions in Estimates - Summary of Impact of Revisions in Estimates to Gross Profit (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)project | Jun. 30, 2018USD ($)project | Jun. 30, 2019USD ($)project | Jun. 30, 2018USD ($)project | |
Change In Accounting Estimate [Line Items] | ||||
Number of projects with downward estimate changes | project | 5 | 2 | 5 | 3 |
Gross profit (loss) | $ 52,404 | $ (80,369) | $ 11,926 | $ (136,652) |
Decrease to project profitability | 161,100 | 30,200 | 167,800 | 38,000 |
Minimum [Member] | Revisions in Estimates [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Gross profit (loss) | 7,500 | 14,500 | 8,500 | 5,200 |
Maximum [Member] | Revisions in Estimates [Member] | ||||
Change In Accounting Estimate [Line Items] | ||||
Gross profit (loss) | $ 77,300 | $ 15,700 | $ 77,300 | $ 18,300 |
Disaggregation of Revenue - Sch
Disaggregation of Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 789,540 | $ 807,119 | $ 1,409,341 | $ 1,370,498 |
California [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 234,987 | 257,990 | 361,088 | 467,889 |
Federal [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 18,945 | 10,938 | 34,681 | 15,733 |
Heavy Civil [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 80,390 | 198,076 | 279,895 | 381,162 |
Midwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 67,717 | 82,601 | 121,750 | 154,883 |
Northwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 251,243 | 216,965 | 354,837 | 305,356 |
Water and Mineral Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 136,258 | 40,549 | 257,090 | 45,475 |
Transportation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 403,978 | 502,711 | 742,188 | 861,856 |
Transportation [Member] | California [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 138,411 | 156,344 | 207,924 | 272,914 |
Transportation [Member] | Federal [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 51 | 101 | 77 | 358 |
Transportation [Member] | Heavy Civil [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 77,009 | 192,598 | 271,980 | 371,462 |
Transportation [Member] | Midwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 28,135 | 22,113 | 46,196 | 38,455 |
Transportation [Member] | Northwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 160,372 | 131,555 | 216,011 | 178,667 |
Transportation [Member] | Water and Mineral Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Water [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 112,831 | 51,618 | 212,086 | 91,659 |
Water [Member] | California [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2,634 | 4,553 | 4,000 | 33,592 |
Water [Member] | Federal [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 371 | 627 | 879 | 1,118 |
Water [Member] | Heavy Civil [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3,381 | 5,478 | 7,915 | 9,700 |
Water [Member] | Midwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | 1,020 | 84 | 1,516 |
Water [Member] | Northwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,349 | 1,524 | 2,580 | 2,391 |
Water [Member] | Water and Mineral Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 105,096 | 38,416 | 196,628 | 43,342 |
Specialty [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 175,084 | 151,842 | 315,777 | 270,313 |
Specialty [Member] | California [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 42,980 | 41,899 | 75,137 | 73,201 |
Specialty [Member] | Federal [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 18,523 | 10,210 | 33,725 | 14,257 |
Specialty [Member] | Heavy Civil [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Specialty [Member] | Midwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 39,582 | 59,468 | 75,470 | 114,912 |
Specialty [Member] | Northwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 48,676 | 40,265 | 80,868 | 67,943 |
Specialty [Member] | Water and Mineral Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 25,323 | 0 | 50,577 | 0 |
Materials [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 97,647 | 100,948 | 139,290 | 146,670 |
Materials [Member] | California [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 50,962 | 55,194 | 74,027 | 88,182 |
Materials [Member] | Federal [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Materials [Member] | Heavy Civil [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Materials [Member] | Midwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Materials [Member] | Northwest [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 40,846 | 43,621 | 55,378 | 56,355 |
Materials [Member] | Water and Mineral Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 5,839 | $ 2,133 | $ 9,885 | $ 2,133 |
Unearned Revenue - Schedule of
Unearned Revenue - Schedule of Unearned Revenue (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 |
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | $ 3,692,312 | $ 2,863,611 | $ 3,416,340 |
California [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 724,175 | 475,885 | 397,338 |
Northwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 468,269 | 418,051 | 383,856 |
Heavy Civil [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 1,763,965 | 1,328,691 | 1,915,020 |
Federal [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 147,946 | 137,611 | 161,099 |
Midwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 363,237 | 309,459 | 333,625 |
Water and Mineral Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 224,720 | 193,914 | 225,402 |
Transportation [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 2,921,437 | 2,187,300 | 2,594,464 |
Transportation [Member] | California [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 590,641 | 402,482 | 332,252 |
Transportation [Member] | Northwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 374,148 | 344,414 | 315,189 |
Transportation [Member] | Heavy Civil [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 1,751,819 | 1,311,518 | 1,882,806 |
Transportation [Member] | Federal [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 80 | 19 | 26 |
Transportation [Member] | Midwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 204,749 | 128,867 | 64,191 |
Transportation [Member] | Water and Mineral Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 0 | 0 | 0 |
Water [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 253,418 | 220,303 | 275,932 |
Water [Member] | California [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 14,382 | 7,314 | 17,485 |
Water [Member] | Northwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 710 | 1,759 | 206 |
Water [Member] | Heavy Civil [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 12,146 | 17,173 | 32,214 |
Water [Member] | Federal [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 1,350 | 0 | 0 |
Water [Member] | Midwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 110 | 143 | 625 |
Water [Member] | Water and Mineral Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 224,720 | 193,914 | 225,402 |
Specialty [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 517,457 | 456,008 | 545,944 |
Specialty [Member] | California [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 119,152 | 66,089 | 47,601 |
Specialty [Member] | Northwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 93,411 | 71,878 | 68,461 |
Specialty [Member] | Heavy Civil [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 0 | 0 | 0 |
Specialty [Member] | Federal [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 146,516 | 137,592 | 161,073 |
Specialty [Member] | Midwest [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | 158,378 | 180,449 | 268,809 |
Specialty [Member] | Water and Mineral Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Unearned revenue | $ 0 | $ 0 | $ 0 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |||||
Revenue recognized | $ 8,800,000 | $ 13,300,000 | $ 105,600,000 | $ 102,700,000 | |
Aggregate claim recovery estimate included in contract assets and liability | 58,700,000 | 36,100,000 | 58,700,000 | 36,100,000 | $ 45,100,000 |
Contract retention, uncollectable amount | 0 | ||||
Performance Obligations [Member] | |||||
Loss Contingencies [Line Items] | |||||
Contracts Revenue | $ 43,500,000 | $ 33,200,000 | $ 84,800,000 | $ 60,900,000 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities - Component of Contract Asset Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Revenue From Contract With Customer [Abstract] | |||
Costs in excess of billings and estimated earnings | $ 161,500 | $ 120,223 | $ 161,670 |
Contract retention | 96,150 | 99,531 | 103,520 |
Total contract assets | $ 257,650 | $ 219,754 | $ 265,190 |
Contract Assets and Liabiliti_5
Contract Assets and Liabilities - Components of Contract Liabilities Balance (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Revenue From Contract With Customer [Abstract] | |||
Billings in excess of costs and estimated earnings, net of retention | $ 117,029 | $ 103,250 | $ 91,147 |
Provisions for losses | 2,260 | 2,199 | 717 |
Total contract liabilities | $ 119,289 | $ 105,449 | $ 91,864 |
Receivables, Net - Summary of R
Receivables, Net - Summary of Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | $ 552,599 | $ 473,757 | $ 492,784 |
Less: allowance for doubtful accounts | 641 | 511 | 66 |
Accounts receivable-net | 551,958 | 473,246 | 492,718 |
Completed and in Progress [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Billed | 313,185 | 285,521 | 340,548 |
Unbilled | 163,950 | 98,755 | 71,464 |
Accounts receivable-gross | 477,135 | 384,276 | 412,012 |
Material Sales [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | 61,204 | 45,286 | 64,128 |
Other Business Products and Services [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable-gross | $ 14,260 | $ 44,195 | $ 16,644 |
Marketable Securities - Carryin
Marketable Securities - Carrying Amounts of Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | $ 41,037 | $ 30,002 | $ 20,014 |
Long-term marketable securities | 20,000 | 36,098 | 61,191 |
Total marketable securities | 61,037 | 66,100 | 81,205 |
U.S. Government and agency obligations [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | 41,037 | 24,996 | 15,000 |
Long-term marketable securities | 20,000 | 36,098 | 61,191 |
Corporate bonds [Member] | |||
Schedule of Marketable Securities [Line Items] | |||
Short-term marketable securities | $ 0 | $ 5,006 | $ 5,014 |
Marketable Securities - Maturit
Marketable Securities - Maturities of Held to Maturity Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Marketable Securities [Abstract] | |||
Due within one year | $ 41,037 | ||
Due in one to five years | 20,000 | ||
Total marketable securities | $ 61,037 | $ 66,100 | $ 81,205 |
Fair Value Measurement - Cash a
Fair Value Measurement - Cash and Cash Equivalents (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Assets, Fair Value Disclosure | |||
Interest rate cash flow hedge, assets | $ 473 | ||
Total Assets, Fair Value | $ 23,615 | $ 90,438 | 62,753 |
Liabilities, Fair Value Disclosure | |||
Interest rate cash flow hedge, liabilities | 4,985 | 1,098 | |
Total liabilities | 4,985 | 1,098 | |
Money Market Funds [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 17,790 | 84,613 | 56,534 |
Restricted Cash [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | 5,825 | 5,825 | 5,746 |
Level 1 [Member] | |||
Assets, Fair Value Disclosure | |||
Interest rate cash flow hedge, assets | 0 | ||
Total Assets, Fair Value | 23,615 | 90,438 | 62,280 |
Liabilities, Fair Value Disclosure | |||
Interest rate cash flow hedge, liabilities | 0 | 0 | |
Total liabilities | 0 | 0 | |
Level 1 [Member] | Money Market Funds [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 17,790 | 84,613 | 56,534 |
Level 1 [Member] | Restricted Cash [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | 5,825 | 5,825 | 5,746 |
Level 2 [Member] | |||
Assets, Fair Value Disclosure | |||
Interest rate cash flow hedge, assets | 473 | ||
Total Assets, Fair Value | 0 | 0 | 473 |
Liabilities, Fair Value Disclosure | |||
Interest rate cash flow hedge, liabilities | 4,985 | 1,098 | |
Total liabilities | 4,985 | 1,098 | |
Level 2 [Member] | Money Market Funds [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 0 | 0 | 0 |
Level 2 [Member] | Restricted Cash [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | 0 | 0 | 0 |
Level 3 [Member] | |||
Assets, Fair Value Disclosure | |||
Interest rate cash flow hedge, assets | 0 | ||
Total Assets, Fair Value | 0 | 0 | 0 |
Liabilities, Fair Value Disclosure | |||
Interest rate cash flow hedge, liabilities | 0 | 0 | |
Total liabilities | 0 | 0 | |
Level 3 [Member] | Money Market Funds [Member] | |||
Assets, Fair Value Disclosure | |||
Cash equivalents | 0 | 0 | 0 |
Level 3 [Member] | Restricted Cash [Member] | |||
Assets, Fair Value Disclosure | |||
Other noncurrent assets | $ 0 | $ 0 | $ 0 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - Commodity Swap [Member] - USD ($) | 1 Months Ended | |
Feb. 28, 2019 | Jun. 30, 2019 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Original notional amount | $ 8,700,000 | |
Percentage of forecasted purchases for diesel designated as cash flow hedges | 60.00% | |
Fair value of derivative | $ 200,000 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Carrying and Fair Value Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Level 1 [Member] | Other Assets Liabilities, Carrying Value [Member] | |||
Balance Sheet Grouping | |||
Held-to-maturity marketable securities | $ 61,037 | $ 66,100 | $ 81,205 |
Convertible notes | 0 | 0 | 160,765 |
Level 1 [Member] | Other Assets, Liabilities, Fair Value [Member] | |||
Balance Sheet Grouping | |||
Held-to-maturity marketable securities | 60,887 | 65,290 | 80,006 |
Convertible notes | 0 | 0 | 186,410 |
Level 3 [Member] | Other Assets Liabilities, Carrying Value [Member] | |||
Balance Sheet Grouping | |||
2019 Notes | 40,000 | 40,000 | 80,000 |
Credit Agreement - term loan | 142,500 | 146,250 | 150,000 |
Level 3 [Member] | Other Assets Liabilities, Carrying Value [Member] | Revolving Credit Facility [Member] | |||
Balance Sheet Grouping | |||
Revolving credit agreement | 220,000 | 197,000 | 99,000 |
Level 3 [Member] | Other Assets, Liabilities, Fair Value [Member] | |||
Balance Sheet Grouping | |||
2019 Notes | 40,571 | 40,484 | 81,307 |
Credit Agreement - term loan | 143,109 | 147,141 | 150,608 |
Level 3 [Member] | Other Assets, Liabilities, Fair Value [Member] | Revolving Credit Facility [Member] | |||
Balance Sheet Grouping | |||
Revolving credit agreement | $ 220,597 | $ 197,889 | $ 99,267 |
Construction Joint Ventures - A
Construction Joint Ventures - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)project | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)project | Jun. 30, 2018USD ($) | |
Construction Joint Venture | ||||
Construction Contract Value | $ 3,300,000 | $ 3,300,000 | ||
Revenue | 789,540 | $ 807,119 | 1,409,341 | $ 1,370,498 |
Net cash provided by (used in) operating activities | (93,515) | (75,445) | ||
Corporate Joint Venture [Member] | ||||
Construction Joint Venture | ||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 3,100,000 | 3,100,000 | ||
Equity Method Investee [Member] | ||||
Construction Joint Venture | ||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | 1,100,000 | 1,100,000 | ||
Unconsolidated Construction Joint Venture Net Income (Loss) | (106,300) | (17,700) | (105,800) | (13,400) |
Co-venturer [Member] | ||||
Construction Joint Venture | ||||
Revenue Remaining to be Recognized on Unconsolidated Construction Joint Ventures | $ 2,000,000 | $ 2,000,000 | ||
Majority Shareholder [Member] | ||||
Construction Joint Venture | ||||
Number of active construction joint venture projects | project | 8 | 8 | ||
Construction Contract Value | $ 1,300,000 | $ 1,300,000 | ||
Revenue | 352,200 | |||
Revenue | 79,000 | 67,700 | 145,900 | 111,500 |
Net cash provided by (used in) operating activities | 5,300 | (15,100) | ||
Majority Shareholder [Member] | Minimum [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | $ 39,500 | 39,500 | ||
Revenue | $ 200 | |||
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | 50.00% | ||
Majority Shareholder [Member] | Maximum [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | $ 409,700 | $ 409,700 | ||
Revenue | $ 150,000 | |||
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 65.00% | 65.00% | ||
Principal Owner [Member] | ||||
Construction Joint Venture | ||||
Number of active construction joint venture projects | project | 9 | 9 | ||
Construction Contract Value | $ 11,400,000 | $ 11,400,000 | ||
Revenue | 900,000 | |||
Unconsolidated Construction Joint Venture Net Income (Loss) | (18,900) | $ 26,500 | (13,700) | $ (114,400) |
Principal Owner [Member] | Minimum [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | $ 104,100 | $ 104,100 | ||
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 20.00% | 20.00% | ||
Revenue | $ 1,700 | |||
Principal Owner [Member] | Maximum [Member] | ||||
Construction Joint Venture | ||||
Construction Contract Value | $ 3,800,000 | $ 3,800,000 | ||
Proportionate Share of the Joint Ventures Equity Owned by or Beneficial Interest in the Reporting Entity Directly or Indirectly | 50.00% | 50.00% | ||
Revenue | $ 252,100 |
Construction Joint Ventures - S
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets, Noncurrent Assets | $ 214,238 | $ 204,090 | $ 211,963 | |
Equity in Construction Joint Ventures | [1] | 183,062 | 271,162 | 237,731 |
Other Partners Interest in Partnerships [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | 929,332 | 822,215 | 792,567 | |
Unconsolidated Construction Joint Venture Liabilities | [2] | 243,241 | 369,782 | 342,760 |
Reporting Entitys Interest in Joint Venture [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | [3],[4] | 470,475 | 426,416 | 430,671 |
Unconsolidated Construction Joint Venture Liabilities | 287,413 | 155,254 | 192,940 | |
Cash and Cash Equivalents [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | 225,163 | 229,562 | 309,330 | |
Other Assets, Current and Longterm [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Assets | [3] | 960,406 | 814,979 | 701,945 |
Accounts Payable [Member] | ||||
Construction Joint Venture | ||||
Unconsolidated Construction Joint Venture Liabilities | $ 530,654 | $ 525,036 | $ 535,700 | |
[1] | Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets were amounts related to deficits in construction joint ventures, which includes provisions for losses, that were $58.7 million, $11.5 million and $14.7 million as of June 30, 2019, December 31, 2018 and June 30, 2018, respectively. | |||
[2] | Partners’ interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences. | |||
[3] | Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $88.7 million, $88.2 million, $88.6 million related to performance guarantees as of June 30, 2019 | |||
[4] | Included in this balance as of June 30, 2019 |
Construction Joint Ventures -_2
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Assets and Liabilities (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Construction Joint Venture | |||
Performance Guarantees | $ 88.7 | $ 88.2 | $ 88.6 |
Unconsolidated Joint Venture Back charges claims | 12.8 | 15.6 | 10.6 |
Deficit in unconsolidated construction joint venture, including provisions for losses | 58.7 | 11.5 | 14.7 |
Reporting Entitys Interest in Joint Venture [Member] | |||
Construction Joint Venture | |||
Affirmative Claim Recovery Estimate | $ 89.4 | $ 78.1 | $ 65.8 |
Construction Joint Ventures -_3
Construction Joint Ventures - Schedule of Unconsolidated Construction Joint Ventures Revenue and Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Construction And Line Item Joint Ventures Abstract | |||||
Total cost of revenue | $ 841,944 | $ 726,750 | $ 1,421,267 | $ 1,233,846 | |
Unconsolidated Construction Joint Venture Gross Loss | (107,185) | (17,948) | (106,171) | (13,927) | |
Collaborative Arrangement [Member] | |||||
Construction And Line Item Joint Ventures Abstract | |||||
Unconsolidated Construction Joint Venture Revenue | 36,844 | 109,187 | 169,337 | 227,596 | |
Total cost of revenue | 144,029 | 127,135 | 275,508 | 241,523 | |
Collaborative Arrangement [Member] | Corporate Joint Venture [Member] | |||||
Construction And Line Item Joint Ventures Abstract | |||||
Unconsolidated Construction Joint Venture Revenue | 436,071 | 449,996 | 852,005 | 689,437 | |
Total cost of revenue | 456,484 | 423,385 | 867,969 | 804,274 | |
Other Partners Interest in Partnerships [Member] | Collaborative Arrangement [Member] | Co-venturer [Member] | |||||
Construction And Line Item Joint Ventures Abstract | |||||
Unconsolidated Construction Joint Venture Revenue | [1] | 399,227 | 340,809 | 682,668 | 461,841 |
Total cost of revenue | [1] | $ 312,455 | $ 296,250 | $ 592,461 | $ 562,751 |
[1] | Partners’ interest and adjustments includes amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences. |
Investments in Affiliates - Add
Investments in Affiliates - Additional Information (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019USD ($)Investment | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | |
Investments In And Advances To Affiliates [Line Items] | |||
Number of Investments in Foreign Entities | Investment | 13 | ||
Number of Investments in Real Estate Entities | Investment | 4 | ||
Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 321,125 | $ 312,102 | $ 310,337 |
Joint Venture Unconsolidated [Member] | Texas [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Equity Method Investments | 14,200 | 16,300 | 24,000 |
Other Affiliates [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | 321,100 | ||
Equity Method Investments | 82,109 | $ 84,354 | $ 99,495 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Joint Venture Unconsolidated [Member] | Asphalt Terminal Entity [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 28,100 | ||
Minimum [Member] | Foreign Affiliates [Member] | Joint Venture Unconsolidated [Member] | Equity Method Investment Directly Owned [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Ownership percentage | 25.00% | ||
Minimum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Real Estate Entities [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 400 | ||
Minimum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Foreign Affiliates [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 200 | ||
Maximum [Member] | Foreign Affiliates [Member] | Joint Venture Unconsolidated [Member] | Equity Method Investment Indirectly Owned [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Ownership percentage | 50.00% | ||
Maximum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Real Estate Entities [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 52,300 | ||
Maximum [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Foreign Affiliates [Member] | Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Total assets | $ 76,600 |
Investments in Affiliates - Inv
Investments in Affiliates - Investments in Affiliates (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | $ 82,109 | $ 84,354 | $ 99,495 |
Joint Venture Unconsolidated [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 82,109 | 84,354 | 99,495 |
Joint Venture Unconsolidated [Member] | Foreign Affiliates [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 55,563 | 55,715 | 63,000 |
Joint Venture Unconsolidated [Member] | Real Estate [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | 17,781 | 19,676 | 27,591 |
Joint Venture Unconsolidated [Member] | Asphalt Terminal [Member] | |||
Investments In And Advances To Affiliates [Line Items] | |||
Investments in affiliates | $ 8,765 | $ 8,963 | $ 8,904 |
Investments in Affiliates - Equ
Investments in Affiliates - Equity Method Investment Summarized Balance Sheet Information (Details) - Joint Venture Unconsolidated [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Investments In And Advances To Affiliates [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Current Assets | $ 138,564 | $ 141,930 | $ 136,953 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 182,561 | 170,172 | 173,384 | |
Equity Method Investment, Summarized Financial Information, Assets | 321,125 | 312,102 | 310,337 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 70,435 | 55,816 | 54,710 | |
Equity Method Investment, Summarized Financial Information, Long-term Liabilities | [1] | 70,381 | 63,098 | 54,383 |
Equity Method Investment, Summarized Financial Information, Total Liabilities | 140,816 | 118,914 | 109,093 | |
Equity Method Investments Summarized Financial Information Net Assets | 180,309 | 193,188 | 201,244 | |
Other Affiliates [Member] | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Assets | 321,100 | |||
Equity Method Investments | $ 82,109 | $ 84,354 | $ 99,495 | |
[1] | The balance primarily relates to debt associated with our real estate investments. |
Property and Equipment, Net - P
Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 1,445,522 | $ 1,403,356 | $ 1,423,153 |
Accumulated depreciation and depletion | 888,404 | 853,668 | 827,366 |
Property and equipment, net | 557,118 | 549,688 | 595,787 |
Equipment and vehicles [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 943,456 | 906,275 | 933,951 |
Quarry property [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 191,972 | 180,246 | 178,809 |
Land and land improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 134,151 | 142,271 | 141,549 |
Building and leasehold improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | 109,356 | 108,884 | 105,038 |
Office furniture and equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 66,587 | $ 65,680 | $ 63,806 |
Long-Term Debt and Credit Arr_3
Long-Term Debt and Credit Arrangements - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | $ 415,293 | $ 382,405 | $ 488,692 |
Less current maturities | 48,397 | 47,286 | 207,982 |
Total long-term debt | 366,896 | 335,119 | 280,710 |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | 40,000 | 40,000 | 80,000 |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | 142,500 | 146,250 | 150,000 |
Less current maturities | 7,500 | 7,500 | 7,500 |
Total long-term debt | 135,000 | 138,800 | 142,500 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit Agreement revolving credit loan | 220,000 | 197,000 | 99,000 |
Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Long-term and Short-term, Combined Amount | 0 | 0 | 160,765 |
Other notes payables [Member] | |||
Debt Instrument [Line Items] | |||
Other | $ 12,793 | $ (845) | $ (1,073) |
Long-Term Debt and Credit Arr_4
Long-Term Debt and Credit Arrangements - Additional Information (Details) - USD ($) $ in Thousands | Jul. 29, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | May 31, 2018 |
Debt Instrument [Line Items] | |||||
Long-term Debt, Maturities, Repayments of Principal in the Remainder of 2019 | $ 44,200 | ||||
Long-term Debt, Maturities, Repayments of Principal in 2020 | 8,400 | ||||
Long-term Debt, Maturities, Repayments of Principal in 2021 | 8,500 | ||||
Long-term Debt, Maturities, Repayments of Principal in 2022 | 8,500 | ||||
Long-term Debt, Maturities, Repayments of Principal in 2023 | 337,300 | ||||
Long-term Debt, Maturities, Repayments of Principal in 2024 | 8,900 | ||||
Current maturities of long-term debt | 48,397 | $ 207,982 | $ 47,286 | ||
Long-term debt | 366,896 | 280,710 | 335,119 | ||
Letters of Credit Outstanding, Amount | $ 32,300 | ||||
Consolidated Interest Coverage Ratio, Actual | 11.28 | ||||
Consolidated Interest Coverage Ratio, Covenant | 4 | ||||
Consolidated Leverage Ratio, Maximum | 3.25 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 350,000 | ||||
Line of Credit, Current | $ 220,000 | 99,000 | 197,000 | ||
Senior Notes [Member] | 2019 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 40,000 | 80,000 | 40,000 | ||
Debt instrument, interest rate, stated percentage | 6.11% | ||||
Current maturities of long-term debt | $ 40,000 | 40,000 | 40,000 | ||
Senior Notes [Member] | 2019 Notes [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Called and redeemed outstanding long-term debt | $ 40,000 | ||||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 150,000 | ||||
Current maturities of long-term debt | 7,500 | 7,500 | 7,500 | ||
Long-term debt | 142,500 | ||||
Long-term debt | 135,000 | $ 142,500 | $ 138,800 | ||
Debt instrument redemption price percentage required to repay | 1.25% | ||||
Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 97,700 | ||||
Adjusted Consolidated Leverage Ratio, Actual | 2.09 | ||||
Line of Credit [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||
Line of Credit Facility, Interest Rate at Period End | 4.07% | ||||
Line of Credit [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||
Line of Credit Facility, Interest Rate at Period End | 6.25% |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Leases [Abstract] | ||||
Operating lease term of contract | 29 years | 29 years | ||
Right of use assets | $ 73,439 | $ 73,439 | $ 0 | $ 0 |
Operating lease liabilities, current | 15,600 | 15,600 | ||
Long term lease liabilities | 60,868 | 60,868 | $ 0 | $ 0 |
Lease expense | $ 4,600 | $ 8,900 | ||
Weighted-average remaining lease term | 6 years 3 months 18 days | 6 years 3 months 18 days | ||
Weighted-average discount rate | 4.08% | 4.08% |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Lease Liabilities Outstanding (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Remainder of 2019 | $ 9,543 |
2020 | 18,541 |
2021 | 17,303 |
2022 | 15,222 |
2023 | 10,268 |
2024 through 2035 | 20,790 |
Total future minimum lease payments | 91,667 |
Less: imputed interest | 15,219 |
Total | $ 76,448 |
Weighted Average Shares Outst_3
Weighted Average Shares Outstanding and Net Loss Per Share - Summary of Reconciliation of Weighted Average Shares Outstanding in Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net loss allocated to common shareholders for basic calculation | $ (97,836) | $ (8,385) | $ (132,410) | $ (19,808) |
Weighted average common shares outstanding, basic | 46,824 | 41,044 | 46,762 | 40,074 |
Dilutive effect of RSUs | 0 | 0 | 0 | 0 |
Weighted average common shares outstanding, diluted | 46,824 | 41,044 | 46,762 | 40,074 |
Net loss per share, basic | $ (2.09) | $ (0.20) | $ (2.83) | $ (0.49) |
Net loss per share, diluted | $ (2.09) | $ (0.20) | $ (2.83) | $ (0.49) |
Weighted Average Shares Outst_4
Weighted Average Shares Outstanding and Net Loss Per Share - Summary of Reconciliation of Weighted Average Shares Outstanding Used in Calculating Basic and Diluted Net Loss Per Share (Parenthetical) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Antidilutive shares excluded from calculating diluted net loss per share | 375,000 | 960,000 | 398,000 | 732,000 |
Income Taxes - Schedule of (Ben
Income Taxes - Schedule of (Benefit From) Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
(Benefit from) provision for income taxes | $ (31,760) | $ 2,796 | $ (40,925) | $ (1,335) |
Effective tax rate | 25.30% | (85.10%) | 24.70% | 7.80% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 25.30% | (85.10%) | 24.70% | 7.80% |
Decrease to project profitability | $ 161.1 | $ 30.2 | $ 167.8 | $ 38 |
Discrete adjustment | 143.7 | |||
Discrete tax benefit | $ 37 |
Business Segment Information -
Business Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Total revenue | $ 789,540 | $ 807,119 | $ 1,409,341 | $ 1,370,498 | |
Gross (loss) profit | (52,404) | 80,369 | (11,926) | 136,652 | |
Segment assets | 2,558,141 | 2,556,325 | 2,558,141 | 2,556,325 | $ 2,476,601 |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 834,903 | 852,368 | 1,462,294 | 1,423,347 | |
Gross (loss) profit | (52,404) | 80,369 | (11,926) | 136,652 | |
Depreciation, depletion and amortization | 30,231 | 25,037 | 56,318 | 38,100 | |
Segment assets | 1,178,033 | 1,247,273 | 1,178,033 | 1,247,273 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | (45,363) | (45,249) | (52,953) | (52,849) | |
Transportation [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 403,978 | 502,711 | 742,188 | 861,856 | |
Transportation [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 403,978 | 502,711 | 742,188 | 861,856 | |
Gross (loss) profit | (99,879) | 35,963 | (78,629) | 67,425 | |
Depreciation, depletion and amortization | 4,845 | 5,373 | 8,485 | 10,393 | |
Segment assets | 350,679 | 426,698 | 350,679 | 426,698 | |
Transportation [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Water [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 112,831 | 51,618 | 212,086 | 91,659 | |
Water [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 112,831 | 51,618 | 212,086 | 91,659 | |
Gross (loss) profit | 11,263 | 5,450 | 19,382 | 17,014 | |
Depreciation, depletion and amortization | 10,931 | 4,378 | 21,987 | 4,884 | |
Segment assets | 302,294 | 359,141 | 302,294 | 359,141 | |
Water [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Specialty [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 175,084 | 151,842 | 315,777 | 270,313 | |
Specialty [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 175,084 | 151,842 | 315,777 | 270,313 | |
Gross (loss) profit | 22,210 | 21,476 | 37,077 | 37,212 | |
Depreciation, depletion and amortization | 8,401 | 9,212 | 14,213 | 11,339 | |
Segment assets | 148,441 | 157,313 | 148,441 | 157,313 | |
Specialty [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 97,647 | 100,948 | 139,290 | 146,670 | |
Materials [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 143,010 | 146,197 | 192,243 | 199,519 | |
Gross (loss) profit | 14,002 | 17,480 | 10,244 | 15,001 | |
Depreciation, depletion and amortization | 6,054 | 6,074 | 11,633 | 11,484 | |
Segment assets | 376,619 | 304,121 | 376,619 | 304,121 | |
Materials [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | $ (45,363) | $ (45,249) | $ (52,953) | $ (52,849) |
Business Segment Information _2
Business Segment Information - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Property and equipment, net | $ 557,118 | $ 595,787 | $ 557,118 | $ 595,787 | $ 549,688 |
Revenue | 789,540 | 807,119 | 1,409,341 | 1,370,498 | |
Foreign Countries [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property and equipment, net | 14,400 | $ 21,200 | 14,400 | $ 21,200 | |
Revenue | $ 19,900 | $ 33,900 |
Business Segment Information _3
Business Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Gross (loss) profit | $ (52,404) | $ 80,369 | $ (11,926) | $ 136,652 |
Selling, general and administrative expenses | 69,998 | 61,316 | 151,153 | 122,568 |
Acquisition and integration expenses | 9,177 | 26,287 | 12,500 | 34,696 |
Gain on sales of property and equipment | (4,935) | (1,505) | (6,835) | (2,048) |
Total other income | (923) | (2,444) | (2,777) | (1,486) |
Loss before (benefit from) provision for income taxes | (125,721) | (3,285) | (165,967) | (17,078) |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross (loss) profit | $ (52,404) | $ 80,369 | $ (11,926) | $ 136,652 |